The importance of Nvidia earnings to the market is rivaling that of large economic reports

Nvidia's long-awaited earnings could test a market that has yet to fully recover from this month's pullback. Deutsche Bank's Henry Allen called the report, due Wednesday after the bell, "one of the most important events" on the macro calendar this year. He said the quarterly figures even rival the U.S. jobs and consumer price index reports — two of the most widely tracked data sets by investors — in terms of importance.

mountain Nvidia "Whatever the blockbuster is after the close, the market will pay close attention to NVDA's stock move and its impact on the broader market, specifically in correlation," wrote Ben Emons, investment chief at Fed Watch Advisors. A quick calculation can illustrate the connection between the move in Nvidia's stock price to any moves in the broader market.

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